TIMBER CHAIN TO HELP IMPROVE INDUSTRY TRANSPARENCY AND EFFICIENCY
Environmental non-profit organisation Preferred by Nature and blockchain inspired identity platform iov42 are today announcing the launch of Timber Chain, a new service that will enable stakeholders across timber supply chains to improve efficiency, transparency and security through a secure blockchain application, storing all information in one place.
By combining blockchain technology, third-party certification, and market knowledge, the Timber Chain modernises traceability: introducing real-time digital data recording, replacing traditional, paper based processes which are labour intensive and often prone to human error.
The Timber Chain service has been built to improve and secure the interactions between all stakeholders across the supply chain from forest to shelf. The security, productivity, and sustainability of international timber markets are too often affected by corruption and the fragmented nature of the industry, impacted further by outdated methods for information gathering and verification. Through Timber Chain, all data and claims are checked and certified by a reputable third party. All data is stored and secured by iov42’s distributed ledger technology, ensuring complete data integrity and confidence by utilising blockchain; a system of recording information in a way that makes it impossible to change, hack, or cheat the system.
The new application was first piloted by global wood trader of over 30 years, Carl Ronnow, who will continue using the Timber Chain following its launch as a full service. Having appreciated the increased levels of transparency and security provided by the new platform, Timber Chain will continue to equip Carl Ronnow with a much improved and modern avenue to meet their commitment to providing comprehensive due diligence to their buyers, supported by third party audits. Preferred by Nature and iov42 plan to expand the service to accommodate other forest and agriculture commodities across Preferred by Nature’s areas of expertise.
iov42 CEO Dominic von Trotha Taylor said: “Timber Chain is an excellent example of what is possible when two different industries come together to address a real world issue, in this case, the transparency, efficiency, and resiliency of international timber markets.”
Dick Anning, Carl Ronnow Environment Manager added: “We at Carl Ronnow always look for opportunities to increase the levels of credibility and transparency to the due diligence information that we offer to our buyers. By committing to uploading all of this due diligence information onto a secure digital database such as Timber Chain created by IoV42 , and combining this with our Preferred by Nature’s LegalSource due diligence certification, we know that we have found a new avenue for meeting these goals.”